iWOW Technology has reported a lower net profit of $122,000 for the 1HFY2025 ended September 30, a 57% y-o-y decrease from $284,000 for the same period last year.
The group says this came on the back of increased employee and operating costs, which saw a 9% y-o-y increase and 3% y-o-y increase, respectively.
Earnings per share stood at 0.05 cents, down from 0.11 cents in 1HFY2024.
The group’s revenue for the 1HFY2025 came in at $17.1 million, a slight decrease of 1% y-o-y from $17.3 million in 1HFY2024.
That said, the group adds that its IoT-as-a-Service (Iaas) and Wireless Engineering Solutions (WES) segments showed positive growth, which partly offset declines in other segments.
For the period, IaaS revenue rose by 16% y-o-y to $3.4 million, driven by increased demand for Smart Metering Services and Electronic Monitoring Solutions (EMS). The WES segment also saw 11% y-o-y growth to $9.9 million, due to contributions from the group’s $20.0 million Smart City Infrastructure contract awarded in July 2023.
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Meanwhile, the group’s Smart City Solutions segment revenue declined by 34% y-o-y to $0.3 million, while its Datacomm & Enterprise Solutions revenue fell by 18% y-o-y to $2.7 million, due to shifts in market demand.
The group says it remains confident in its outlook, due to its robust pipeline of IoT and EMS projects and an order book of $83.5 million, as at Oct 31.
"Our 1HFY2025 results demonstrate the resilience of our business despite economic challenges. Demand for our core IaaS and WES solutions have remained robust, supporting our stable revenue performance,” says Raymond Bo, CEO and executive director of iWOW Technology NXR . “As we continue to enhance our IoT and Smart City Solutions portfolio, the launch of the BOP Button in 1HFY2025 will be instrumental in enabling iWOW to capture new opportunities in the public sector and consumer markets, both locally and abroad, providing a strategic advantage in the Silver Generation Solutions space.”
Shares in iWOW Technology closed flat at 20 cents on Nov 11.
